Alternative Investment Management Association
Under Canada's early warning reporting (EWR) system, investors holding 10% or more of a public company's voting securities must publicly report their ownership levels, the purpose of the transaction and any future intention to accumulate more securities. On 13 March 2013 the Canadian Securities Administrators (CSA) issued a request for comments in respect of the proposed amendments to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids, National Policy 62-203 – Take-Over Bids and Issuer Bids and National Instrument 62 – 103 – Early Warning System and Related Take-Over Bid and Insider Reporting Issues (the ‘Proposed Amendments’) which proposed, amongst other things, decreasing the early warning reporting threshold from 10% to 5%. The Proposed Amendments would also increase EWR disclosure obligations for investors who acquire derivatives or public company securities through securities lending arrangements and make the alternative monthly reporting system unavailable to institutional investors who engage in certain forms of shareholder activism.
Proposed Amendments: MI 62-104 Take-Over Bids and Issuer Bids, NP 62-203 Take-Over Bids and Issuer Bids, and NI 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues (March 2013)
In 2013, the Cayman Islands Monetary Authority (CIMA) issued two consultation papers regarding corporate governance which set out certain proposals for enhancing the Cayman Islands' corporate governance regulatory framework and issuing a statement of guidance for Regulated Mutual Funds. The CIMA state that in light of the developments emanating from international organisations and global national developments, they consider “the modernising of the corporate governance standards in the Cayman Islands financial services sector necessary and beneficial to the continued international standing of the jurisdiction”.
CIMA corporate governance survey participation form (February 2013)
Response to corporate governance consultation (March 2013)
Cayman Islands Hedge Fund Corporate Governance Survey (CIMA & EY, July 2013)
Regulation of asset managers in Switzerland is governed by the Collective Investment Schemes Act of 23 June 2006 (the ‘CISA’), which came into force on 1 January 2007. The CISA aims to protect investors and to ensure transparency and the proper functioning of the market for collective investment schemes (‘CIS’).
The Swiss Federal Council (the ‘SFC’) launched a consultation on the partial revision of the CISA on 6 July 2011, which was open for comment until 7 October 2011.
The SFC were concerned that the supervision of custodian banks is currently inadequate and that the rules on distribution to investors need strengthening. The current Swiss regulatory regime also only subjects asset managers of Swiss CIS to mandatory supervision by the Swiss Financial Market Supervisory Authority ('FINMA'). The SFC therefore requested opinions in relation to matters such as:
The intention of the revision of the CISA was to close the regulatory gaps identified by the SFC and to align the provisions relating to the management, custody and distribution of CIS with international standards, in particular the European Alternative Investment Fund Managers Directive (the ‘AIFMD’) and the Undertakings for Collective Investment in Transferable Securities Directive (‘UCITS’).
On 2 March 2012, the SFC approved its draft text of the revised CISA, which was then sent to the Swiss Parliament for consideration. This draft was intensively debated and substantially amended by the Swiss Parliament in the summer of 2012. The new regulation came into force on 1 March 2013. A number of the revised CISA provisions will have a significant impact on the funds industry.